Dear Valued Investors and Partners,

The unprecedented pace of economic change in 2024 has underscored the need for agility and adaptability in our investment strategy. We continue to navigate a complex landscape marked by geopolitical uncertainty, inflationary pressures, and a shifting global economic order.

Our decision to exit green energy investments remains steadfast. The highly regulated and subsidized nature of this market poses significant long-term risks. Instead, we are focusing on building a robust cash position to capitalize on emerging opportunities.

This strategic approach aligns with broader market trends. Asset managers worldwide are shedding non-core assets and bolstering their cash reserves in anticipation of market volatility. The recent exodus of US pension funds from equities underscores this trend.

Europe’s economic challenges, particularly the debt burdens of France, Italy, and a recession in Germany, coupled with the slowdown in China, create a complex investment environment. However, we believe these conditions will ultimately present attractive opportunities for well-capitalized investors.

Our investment strategy centers on risk mitigation and short-term profitability. While maintaining our focus on AI, Blockchain, and small-cap investments, we are also expanding our presence in the agricultural and food sectors in Türkiye and Hungary.

We express our sincere gratitude for your continued support and trust. Your partnership is invaluable as we navigate this dynamic landscape.

Sincerely,

Murat Karabay

CEO, Globtec Investment LLC

New York City, July 22, 2024